In a sad and twisted tale from the cryptocurrency world, the CEO of a Canada-based cryptocurrency company Quadriga CX has died, leaving no clue behind to unlock the millions of dollars stuck in customers' accounts.
Quadriga CX Chief Executive Officer Gerald Cotten reportedly died on December 9, aged 30, in India from complications of Crohn's disease.
According to Bloomberg, the company is now stuck with USD 200 million and is unable to retrieve the money in bitcoin, litecoin, ether, and other digital tokens because the app that stores the keys to send and receive cryptocurrencies appears to be lost with the demise of the CEO.
Given the history of attacks on virtual currency companies, Cotten took special precautions while safeguarding the business. All of his devices, email addresses, and messaging systems were encrypted. His widow, Jennifer Robertson said that she was unable to trace his passwords or business records to unlock the money of customers.
Attempts to hack his systems for information have also been futile. The company has asked the Nova Scotia court for creditor protection while they address the financial issues.
The case has sparked speculations on the internet about whether the whole business was a scam, with some calling out for class-action lawsuits against the company, and others questioning the authenticity of the CEO being dead.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)